We live in an interesting time, when things that seemed impossible just a few decades ago, are finally getting their necessary solutions. This is especially true when it comes to issues plaguing the finance industry. New technologies and tools are being developed almost every day.

Despite the fact that some of these solutions take time to actually be implemented, new such breakthroughs are happening all the time. Bitcoin is a perfect example of this. This is a digital currency that was launched as far back as 2009. However, it only managed to get the necessary attention last year, in 2017.

A lot of crypto and blockchain experts often compare the current situation regarding these technologies to the internet itself. They say that everything is being developed on the internet these days, and our whole lives are now subjected to it. Someday, the internet will be replaced by the blockchain technology, and new technological solutions will continue to appear there.

The blockchain is a technology that was initially imagined as a means for crypto trading. It is a database that is managed and overseen on a P2P network of computers, which are named nodes. As such, it can also be considered a distributed ledger. It can document various transactions in a completely decentralized way.

Blockchain, as well as all previously recorded transactions, are completely transparent and available to all network members. Whenever a new transaction gets recorded, all members are able to see it, as their accounts get refreshed. These transactions are then grouped into separate groups called blocks, which in turn get connected to the previous blocks. In a way, the blockchain is a chronological record of all events that occur on its network, and it cannot be manipulated or modified.

Blockchain technology is still considered to be very new, and numerous use cases are being discovered all the time. It was originally conceived as far back as in 1976 when the idea of shared distributed ledger first appeared.

The concept was expanded in the 90s, but it took two additional decades until it became a reality. Finally, with the modern technology being strong enough to sustain it, blockchain tech finally appeared alongside Bitcoin about a decade ago.

Now that we know all of this, it is time to list 5 important things regarding this tech that everyone should know. If knowledge is power, then these five facts might help you in improving your business through the use of this great new tech.

Despite the fact that blockchain has been around for almost a decade now, this technology is still in its infancy. Even so, it reached a market size of almost $708 million back in 2017. However, its development and growth are only getting started. Analysts claim that this technology has a potential to grow up to over $60 billion in the next 6 years. It would appear that the market that didn't even exist only a few years back is about to become the next big hit in the entire world.

A recent study has shown that the blockchain-based products managed to make more than 300 million transactions last year. At the moment, blockchain is viewed by many as a powerful new tool that has a potential to create an entire industry based on trust. Additionally, the reports claim that more than $270 billion in different assets has been overseen by the distributed ledger technology on a global level.

Understanding blockchain technology in depth may open up some new opportunities, and add numerous new use cases. Internet of Things seems to be naturally connected to this technology, and the two have been expanding together in the recent months. Additionally, blockchain may serve as a Central Repository of Truth. As such, it will be quite helpful when it comes to recording vital information usage regarding different devices.

Initially, it was believed that blockchain can change the way that numerous companies work. However, as the time went by, we discovered that this tech actually has a potential to change entire industries. It can provide numerous industries with completely different ways of doing business. And, while this already seems exciting as it is, the truth is that we have barely scratched its true potential.

Executing new solutions based on this technology, and especially in different ventures such as Supply Chain, the changes will go far beyond a single company.

Trust has always been among the basic things that are influencing our decision making. It can impact our lives, financial choices, social connections, and business decisions. However, trust has also always been hard to come by, which is something that became more and more obvious in the recent years.

This is why blockchain technology is so important. It is completely transparent, and trust is no longer necessary when you can access facts at any given moment. All transactions can offer integrity and are completely secure. Every user on the network has access to all pieces of information and activity on the blockchain. As such, the system offers transparency, and trust can once again be established from the records provided on the chain itself. Nobody can break it, and nobody can abuse it. The blockchain is the truth in its purest form.

Blockchain continues to grow at a pace that was never observed before. More and more businesses, industries, and even entire countries are opening up to this tech every day. The next several years will completely revolutionize the way that business is done in. This is all very exciting for those who understand the true meaning behind such changes. Different businesses are learning how to best implement this technology, how to use it, and how to benefit from it.

In the end, everything will change, and the trust between consumers and businesses will once again be possible.

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